Official news and cryptocurrency

What does official news tell you about a cryptocurrency?

At Let Em Spin we always strive to bring you official cryptocurrency news straight from the source. When we refer to the “source” in this case we actually mean those responsible for the currency. Primarily these will be press releases. In some cases there are companies that prefer to announce things on social media, and we will occasionally include these too. But what does official news tell you about a cryptocurrency and the company behind it? Here we analyse the official news about cryptocurrencies in the top-10 by market cap.

What does official news tell you about a cryptocurrency?

Given the amount of “fake news” and gross misinformation in the mainstream media, we decided to focus our efforts on bringing you real news. Diligently trying to base our information from official sources only.

Throughout the cryptocurrency world there are many companies which provide regular official updates. However, we soon ran into some statistics which surprised us, particular as far as the top 10 coins are concerned.

We try not to pass judgement on any crypto for their productivity (or lack thereof) concerning information. However, if you would like to comment on “what does official news tell you about a cryptocurrency” feel free to tweet us.

Top 10 cryptocurrencies by market cap 30th January 2019:

Bitcoin – The leading cryptocurrency at this time. With nobody in charge of Bitcoin there is no official news. News is therefore primarily fabricated, with mainstream media and crypto media basing news on an ad hoc basis. Satoshi Nakamoto is seen as the creator of Bitcoin and many have (unsuccessfully) claimed to be him. With the market price of Bitcoin in disarray, many are hoping that ” Would the real slim shady please stand up” to give them official news. With no leadership all Bitcoin news seems to be centered around FUD or FOMO depending on the desire of those in control of most BTC and their BTC friendly click bait media. No reports are ever officially produced.

Update 26/03/2019: Sadly despite the best efforts of some (Prof. Craig) the “real slim shady” still hasn’t been confirmed as having stood up yet. Despite the best efforts of Bitcoin evangelists like A.Pompliano to promote the virtues of Bitcoin, official news is missing as always. With the expiry of the Bitmain IPO application on the HK stock exchange and the company seemingly in disarray, negative news and speculation seems to be the way forward until public sentiment finds a way to boost the price.

XRP– Given its target objective of changing banking as we know it, XRP comes in for more than it’s fair share of FUD based articles. Ripple, the company behind XRP is however, very active with their official corporate and XRP news, both through Ripple Insights, and official press releases. They also take to social media on a regular basis to point the way to these sources. As well as these regular updates, XRP produces a quarterly statistical report.

Update 26/03/2019: Official news is as always regularly provided at the sources mentioned above. Sadly scammers are pitching their efforts at the XRP investors these days, and the FUD brigade are out in force attempting to drown out official news and progress.

Ethereum– The official ethereum website shares news on it’s blog, but this is sporadic at best, the latest published on Jaunuary 15th following security vulnerability found in the long awaited Constantinople hard fork. The official Twitter account has a pinned post dating back to 7th September 2015, and the most recent tweets match the official website. No recent reports of any kind found.

Update 26/03/2019: Since the original article, Ethereum has successfully carried out the Constantinople/St.Petersburg hard fork. Sadly they have not updated their news feed confirming this. Furthermore, according to ethernodes a high percentage of the nodes (>35%) have still not upgraded since the fork which took place on Feb 28th.

EOS– A quick glance at the EOS announcements page shows sporadic news with most centering on new software updates. No reports of any kind found.

Update 26/03/2019: Business as usual (or lack thereof) in terms of official news on their website. A medium blog is currently available however.

Tether– The Tether website announcement section is a pretty barren landscape if you are looking for any kind of valuable updates. The most recent post dates all the way back to November 28th 2018. The are no financial reports available on the website, the only report being one paid for by Tether to investigate allegations the ” stablecoin” wasn’t actually backed by fiat, and is from June 20th 2018.

Update 26/03/2019: Since the first post it has emerged that Tether isn’t quite as they would have you believe, you can find more on this here

Bitcoin Cash– No updates or reports of any kind on the official channels

Update 26/03/2019: No official news updates

Litecoin- Most recent announcement is from January 25th. Most recent report is termed ” Unaudited financial statements” for the reporting period ending 30th September 2018 and dates back to November 23rd 2018.

Update 26/03/2019: 1 new article on their medium blog

TRON– Tron is one of the most active in terms of updating their progress. Justin Sun updates almost daily on social media, and the Tron Foundation produce a weekly report in 14 different languages.

Update 26/03/2019: As always many updates from their various official channels show the work is continuing

Stellar– Updates in the Stellar blog seem to appear in fits and starts. A December 3 part series of ecosystem updates preceded by one from July 2018.

Update 26/03/2019: Lots of news and project updates

Cardano– Cardano provides weekly technical reports and various audits are available in the transparency section of their website.

Update 26/03/2019: Continued to be one of the front runners in terms of public information and progress reports.

*Note, at the time of writing Binance coin (BNB) was not in the top 10. Since then it has firmly established itself in the top as official news and adoption has driven it up to 7th. Many official channels providing regular updates.*

XRP, TRX and ADA are streets ahead of the rest of the top 10 cryptocurrencies:

If we only look at the top ten cryptos then we can see a vast difference in the reporting and updates coming out of the official sources with XRP, TRX and ADA all more than fulfilling their obligations to being open and transparent.

ETH, LTC and XLM are sporadic at best whilst BTC, EOS, USDT and BCH are worryingly silent. If we were to look outside of the top 10 we know of dozens of crypto projects which put these 7 high profile projects to shame. Could and should these cryptocurrencies be doing more to provide investors with information? You decide (we already have).

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